David Gauke MP addresses UK Bioscience Forum

The UK BioIndustry Association (BIA) was delighted to welcome Financial Secretary David Gauke MP to the opening of its award-winning UK Bioscience Forum on 7 October 2014, which took place during European Biotech Week.

BIA also responded to the Treasury’s consultation on tax-advantaged venture capital schemes and how they can best support growing businesses delivered on September 18^th.

The BIA welcomed previous reforms that have helped raise finance for the biotech sector whilst calling on the government to amend current rules on existing schemes to better target tax relief towards higher risk and innovative sectors such as biotech.

The last five years have seen many wins for the sector including the establishment and refilling of the Biomedical Catalyst, reforms of existing tax schemes such as EIS and SEIS, amended R&D tax credits applicable to the sector and the introduction of the Patent Box.

Attendees at the UK Bioscience Forum heard about the strategic economic importance placed on biotech by government and were able to put questions to the Minister about what more might be done to leverage the potential of the sector.

Steve Bates, Chief Executive Officer of the BIA, said: “David Gauke is not only the lead Minister for the key finance and tax issues that impact biotech businesses but through recent site visits to BIA member companies such as Horizon Discovery and Abzena has demonstrated his personal interest in and commitment to the sector.

As HM Treasury considers how underlying tax regimes might change it is a key opportunity to engage with government on how the fiscal framework can best support innovation and investment.”